Hines, in a joint venture with Blue Noble, has acquired a site near Bocconi University in Milan, with plans to develop a 600-bed student housing community by 2020. This transaction marks the company’s first student housing purchase in Italy. Back in November 2017, the company planned to open a U.K. student housing development slated for completion in the 2019-2020 academic year.

Located five minutes from the university, at the corner of Via Giovenale and Via Col Moschin, the new development is set to include:

common areas

study rooms

library

cinema

gym

Additionally, the community will offer micro-living units—micro apartments and rooms targeting young professionals in need of short-term accommodation. Construction is set to begin this year.

“We see a wide gap between supply and demand in Italy, in terms of available accommodation and particularly in terms of its quality, sustainability and flexibility,” Mario Abbadessa, Italy country head for Hines, said in prepared remarks “Our goal is to provide innovative solutions to the different needs of students, foreigners and young professionals. Over the next two years, we aim to invest approximately $609 million (€500 million) in the main Italian university cities.”

Carmody Groarke and Calzoni Architetti will design the scheme, while Belvedere Inzaghi & Partners and Grimaldi Lex provided the legal support for the acquisition. Hines plans to further invest in a series of student housing properties in the main Italian university cities.